MAT Adjustments – Provision for bad debts and advances
In the case of Steel Authority of India Ltd. vs. Deputy Commissioner of Income-tax (76ITD69) it was claimed by the…
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Today's
54F exemption is protected even in multiple ownership of residential properties ......Read More
Yesterday's Club expenditure ......Read More
Yesterday's Club expenditure ......Read More
More than one remedy under the Act
Under section 264 of the Income tax Act, 1961 an assessee can move a revision petition to the Commissioner of…
......Read MoreLeasing of Business Assets
It is a trite law that so long as assets are used as business assets, it is irrelevant whether the…
......Read MoreReal Income Theory
In the case of Commissioner of Income-tax Vs. Modi Rubber Ltd. (No.1) (230ITR817) the assessee sold goods on credit to…
......Read MoreRent & Major Repairs- Developing Stage
In the case of Jainsons SS vs. Assistant Commissioner of Income-tax (76ITD51) the assessee had taken certain premises on rent…
......Read MoreStrict Compliance with provisions of section 195- Payment to Non Residents
Section 195 cast an obligation upon the assessees to deduct tax on all payments (barring interest on securities or salary…
......Read MoreCommission for renting of premises- Capital in Nature
Arijit Pasayat CJ of the Delhi High Court in Bharat Steel Tubes Ltd. (119TAX6) held that commission or brokerage paid…
......Read MoreRectification of Mistake- Scope
The J & K High Court in the case of Commissioner of Income-tax Vs. Agya Wanti (2001) 248ITR641 held that…
......Read MoreReopening Notice- Best Strategy
The Kerala High Court in dismissing a petition against issue of notice u/s 148 in the case of G Suresh…
......Read MoreBusiness Income Loan to Employees- Interest Waiver Implications
If an assessee acquires a right to receive the income, the income can be said to have accrued to him…
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